Finally, on the back of a good shoe dropping, the market rallied hard, led by retail and financials.
Actually, everything ripped higher, much to the chagrin of my fledging FXP position.
Oil is fucked.
Who cares?
My big winners were VMW, GRMN, OEH and GILD.
As you know, I did not sell or buy anything today. I was too busy painting my office walls with split pea soup.
Finally, it’s worth noting, “The Fly” is somewhat indifferent to the market and might transform this retarded blog into a live cooking show.
Double finally, CN looks like a fair bet, based upon early “crystal ball readings.”
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And you laughed at me for suggesting restaurant reviews.
market held the goal line twice today. it could be a good sign. cfc speaks at a conference tommorow. it should help
CFC news will be encouraging.
moo…moo…moo. Cows will be turned into tasty steaks tomorrow. Can’t believe how easy it is to setup bulls and the cows that follow them to the slaughter. BIG reversal DOWN tomorrow. Graze well.
Broker A, you still going to sell the rally (if there is one) tomorrow?
Devildog:
Fuck you. You don’t know shit. I gap up will lead to higher prices on the day. Fact!!! This blog sucks!!! Off to the burbon case.
devil,
You are a fucking idiot, keep buying that QID so your losses will pile 2x as quick.
I’m painting my walls with salsa mixed in Panama Red, then setting my house on fire. Hopefully, it will be breezy tonight. Cool.
Wahawk:
You’re a dumbass. A gap DOWN tomorrow will lead to MUCH LOWER prices on the day. Fact!!! Off to the single malt.
Fry, why you in FXP? You bet against China? Too very many Chinee peepo doing much behness to bet against. Pray China lottelry instead off your asshore stocks. Make much dahrra U.S.
Tly dees Mista Hsu picks:
AAPL…..buy under $190
ACH……buy under $ 80
CHL…….buy under $100
LFC…….buy under $100
CEO……buy under $200
RIO…….buy under $35
POT……buy under $120
GLD……buy under $80
See in six month how yu do, ok?
Enjoy this bounce from drastically oversold conditions. Probably get 2-3% more to the upside this week….then consolidate until Dec. 11.
The big question is how enduring will the pop be if the FED cuts rates 50 basis points on Dec. 11.
Cramer says Arabs want to invest in HAL next. Yeah, I can see it now. Through HAL the Arabs will be perfoming many of the day to day “household” operations in Iraq.
Oops, forgot to add, didn’t Cramer say yesterday to stay away from commodity plays and to be defensive like in 1990? Today he touts FCX,HAL. He must be bipolar.
This is one of the funniest things I’ve seen in a month.
He saves the children…. but not the British children!
Shoes with shit on them that will walk over you toung tommorow!
WFC and FRE ! WEeeeee!
I made this abundantly clear just over a month ago that if C got too low or fuck it any of our banks got too low the arabs would come grab them. Evidently I was right on this. I am also going to say this now, once Abu Dhabi has a stake the other arabs will want a stake. Don’t kid yourself here, they will try to buy one of our financial institutions. I would not be surprised to see someone taken out by them. They want and need a legit financial institution and they have the money to do it.
Caddy: Cramer also made a $50,000 bet with Eric the oil barrel that Financials would be higher than Oil by the end of the year. It was a close bet but I think XLE wins out over XLF.
GREAT DEPRESSION REVISITED
Wells Fargo said it would put its riskiest $11.9 billion of home equity loans into a “special liquidating portfolio.” It expects losses in this portfolio will total $1 billion over 2008 and 2009, and decline over time as loans are repaid.
The $11.9 billion represents about 14 percent of the $83.4 billion of home equity loans in Wells Fargo’s portfolio, and about 3 percent of total loans outstanding as of September 30. Wells Fargo said it expects the $1.4 billion charge to “adequately cover all losses inherent in its portfolios.”
Analysts, on average, expected the bank to earn 68 cents per share in the fourth quarter, according to Reuters Estimates. The charge equals roughly two-fifths of Wells Fargo’s pre-tax profit in the third quarter, when net credit losses rose 35 percent to $892 million.
Wells Fargo announced the write-down after Chief Executive John Stumpf projected in a November 15 presentation “elevated” home equity loan losses into 2008.
Lamenting that “we have not seen a nationwide decline in housing like this since the Great Depression,” he said: “I don’t think we’re in the ninth inning of unwinding this. If we are, it’s an extra-inning game.”
Is this why Broker A was “on the phone all day?” $6 bn of questionable preferred is a might barge to tote.
At least the brokers will have Christmas this year!
Freddie Mac to Sell Stock, Cut Dividend
Tuesday November 27, 5:41 pm ET
By Marcy Gordon
Freddie Mac Plans to Sell $6 Billion in Stock and Cut Its Dividend in Half to Bolster Finances
WASHINGTON (AP) — Freddie Mac halved its dividend and unveiled plans to sell $6 billion of preferred stock to bolster the mortgage investor’s finances in anticipation of more losses, the company said Tuesday.
ADVERTISEMENT
Freddie Mac, chartered by Congress to buy home loans from mortgage lenders, is the nation’s No. 2 buyer and guarantor of home loans. It will sell $6 billion of a special class of stock.
The money raised through this sale will be used to buttress the company’s balance sheet “in light of actual and anticipated losses,” Freddie said in a statement.
Management of the stock offering was led by Lehman Brothers Inc. and Goldman Sachs & Co., the Wall Street firms recently hired by Freddie Mac as financial advisers to help it examine possible new ways of raising capital
Put this in your pipe and smoke it bearshitters.
From the FT:
US online retail sales have been growing at better-than-expected rates in the run-up to the holidays, according to Wall Street analysts and internet retailers.
The news mirrors the robust start to the holiday shopping season reported by traditional retailers.
Raul Vazquez, chief executive of Walmart.com, said the retailer had seen sales on the Friday after Thanksgiving holiday “exceed our expectations†of 40-60 per cent annual growth.
“The purchase gives the Abu Dhabi ruling family, headed by Sheik Khalifa bin Zayed al-Nahyan, the largest individual stake in Citigroup, edging past Prince Walid bin Talal of Saudi Arabia. In a statement, Sheikh Ahmed said the deal reflected its confidence in Citigroup.”
By the way don’t think Talal won’t up his stake to one up the Sheik. He will. Its all about having the power. Just ask Jon D’Agostino, he will tell you exactly what the arabs will soon be up to.
Online traffic from alexa.com for AEO
http://www.alexa.com/data/details/traffic_details/ae.com
Jeff Mackie, says to sell todays rally…..Is that good. I’m learning, I’ll sell ! correct…
Fly,
Dam it man, you gotta have some info on MVIS. This fuckers is acting all kind of gay. What’s the deal?? Come on man something positive has to be around the corner.
KD:
I’ve ignored MVIS–chalking it up for a CES play.
Over the past few weeks, I’ve had bigger fish to fry. I’ll do some checks.
Cyber Monday online sales jump 21%
Consumers spend $733 million online on Monday after Thanksgiving – first official day of the online holiday shopping season – Far More Than Expected.
November 27 2007: 6:56 PM EST
NEW YORK (AP) — American consumers jammed online shopping sites on Monday – the official start of the holiday season for e-tailers – resulting in robust sales, according to an Internet research company.
ComScore Inc. reported on Tuesday that consumers spent $733 million online on Monday, a 21 percent gain from the same day a year ago. ComScore had expected that sales would exceed the $700 million figure……………….
http://tinyurl.com/3bahm6
Cyber Monday traffic and sales reported at a Blistering Pace.
Online retail: 4.6M visitors a minute
Retailers say 72 million people will shop sometime during the day.
By Parija B. Kavilanz, CNNMoney.com senior writer
November 27 2007: 12:48 PM EST
NEW YORK (CNNMoney.com) — Online retailers were set to break one-day records for traffic and sales, as consumers hunted down Cyber Monday bargains.
By 2 p.m. ET, more than 300 retailing Web sites tracked by Internet monitoring firm Akamai were drawing 4.6 million visitors per minute – a three-year record for most traffic in a single day to retail Web sites.
Akamai said that its Net Usage Index – which monitors North American visitors to sites such as jcpenney.com, Bestbuy.com and Circuitcity.com – said traffic was up more than 80 percent compared to a normal Monday.
In addition, ComScore Networks estimates that Cyber Monday sales will surpass $700 million, which would make it the heaviest online spending day on record.
“Online retailers will certainly be paying close attention to what happens on Cyber Monday, which will provide an even clearer indication of what lies ahead for the rest of the season,” ComScore Chairman Gian Fulgoni said in a statement.
According to the National Retail Federation (NRF), 72 million consumers plan to shop online from home or at work on one of the biggest online shopping days of the year. That’s up from 61 million shoppers last year………………….
http://tinyurl.com/33crrt
Wal — good to see you back.
Yen carry still running things. Dollar was up yesterday, down tonight.
Hi Jake………..Are you still keeping me company in BIOS.
It’s been holding up quite well in this recent tape/carnage.
Fundamantals appear interesting at this juncture.
I’d prefer reading in my native language, because my knowledge of your languange is no so well. But it was interesting! Look for some my links:
I’d prefer reading in my native language, because my knowledge of your languange is no so well.